The biggest challenge Canada faces in creating affordable housing is getting people to and from home and work.

"If you think housing prices are high now - just wait." - Heino Molls, REMonline

"Census Canada figures show that Canada’s population has rocketed past 35 million. In fact, that number is going to be 36 million before the ink is dry on this most recent report and it will, without a doubt, be going at light speed past 40 million way before 2020. That means a huge boost in housing demand. It means that the privilege of living in a home in Canada, not to mention an actual house in Canada is going to come with a high cost. You think the cost of a house in Toronto, Vancouver or Ottawa is high now, just wait.

Do the math on your own. Not the math of the naysayers, the doom and gloom crowd, the people who will show you diagrams and charts with circles and arrows that pinpoint the exact time and date of the collapse of the real estate market. Rather look around, see what is going on and add it up for yourself.

We are facing many problems in our country. There is not enough time and space here to discuss all the challenges of health care, especially mental health care, as well as housing for the poor and marginalized people in our society. Another major challenge that should be mentioned in the same conversation as housing and property value is public transit.

Our governments are scrambling to build new transit ways and highways to accommodate all the people who will be travelling to and from our inner cities for business, health care, restaurants and entertainment.

How Much is YOUR Home Worth?

Our biggest problem is going to be building transit, not just within our cities but also from the towns and satellite communities that will have even higher population growth in the coming years. Communities like Chilliwack and Abbotsford in B.C. and cities like Kitchener-Waterloo not far from Toronto. The same for all other cities in the country. Transit is going to be our biggest problem.

Updated CMHC homebuying guide encourages long-term thinking

Feb. 28th, 2017

Canada Mortgage and Housing Corp., has updated its free guide to the process of buying a home, with an emphasis on encouraging Canadians to think long term about what kind of home they should buy — or whether they would be better off renting.

The national housing agency first released the guide, called Homebuying Step by Step, in 1998, but has updated it over the years. The latest version streamlines the document, splitting off workbook content and making it available online as a series of interactive printable checklists and questionnaires.

The previous iteration of the guide received almost eight million unique page views in 2016 alone, according to CMHC.

The guide is meant for any prospective homebuyer, but first-time buyers could particularly benefit from reading it, said Ina Wielinga, a consultant at CMHC who updated the guide. She said the new version puts a greater focus on calculating the true cost of owning a home over time, emphasizing costs like taxes, utilities and repairs.

"This used to be peppered through the document, but we're bringing it up front because people often get focused on acquisition," said Wielinga.

The new guide also encourages readers to reflect on what kind of home suits their lifestyle, and whether or not homeownership is a better financial choice than renting.

"It's not just buying that house that's brick and mortar," said Wielinga. "There's a lifestyle that goes with it also."

By asking would-be homeowners to consider how a home will fit into their lives over the long term, Wielinga said, the guide could help users feel more confident about their purchase.

Key concepts to consider

The most confusing concept in the guide is also one of the most important ideas to understand before buying a home, according to Wielinga: calculating your gross debt service ratio (also known as the gross debt-to-income ratio) and total debt service ratio (also known as the total debt-to-income ratio).

Click on image below for your copy:

The CMHC guide for homebuyers is available for free online. (CMHC)

The gross debt service ratio includes total monthly housing costs, which CMHC says should be no more than 32 per cent of average gross monthly income. The total debt service ratio covers all monthly debt payments, including housing costs. CMHC recommends that ratio not exceed 40 per cent of average gross monthly income.

"You have to understand that, even if you're the best person in the world and you know you can afford it, you have to follow that kind of guideline," said Wielinga.

Financial axioms like these are often left unexplained to potential homebuyers, said Wielinga.

"Honestly, it's not talked about enough," she said. "I think when we do explain it to people, then they do get it."

Tighter rules

The rules for Canadian homebuyers have been changing quickly, especially as the government tries different policies to mitigate risk in the real estate market.

For that reason, the guide avoids getting into the details of certain aspects of homebuying, like calculating mortgage loan insurance. Instead, it refers readers to the CMHC website, where the details of mortgage rules can be quickly updated as the government changes them.

Lauren Haw, CEO of an online real estate brokerage, lauded CMHC for its interactive workbook for prospective homebuyers, although she's skeptical that many people will actually take the time to sit down and read the guide in full.

"People like to have it and hold it, but most first-time homebuyers don't seem to ingest the information in this format very well," said Haw. "Because even if you give them these documents, very few people are the personality type that will read it and really truly understand it."

Haw said real estate brokers often end up explaining these concepts to their clients as they go through the buying process.

​"If everybody would sit down and read one of these things, I think we'd have much more informed buyers," she said.

When it comes to buying and selling homes, most contracts include a contingency that will allow buyers to back out or re-negotiate the sale based on issues found during a home inspection.

Selling a home can be stressful, to feel confident in the sale of your home check out these common home issues before listing.

We recommend a pre-sale home inspection – which may even sweeten your home sale by adding an element of transparency when you share the report with the buyers agent.

Basement Moisture

Regardless if your basement is beautifully finished or could have been the location for the latest big screen thriller, a major issue found in home inspections is moisture or seepage.

If your basement shows signs of moisture, leakage or has an air of dampness you may have an issue. Call a trusted home inspector to get the lay of the land, or a contractor who specializes in basement repair.

The possibility of basement flooding will not appeal to even the savviest of ‘fixer upper’ home buyers.

Outdated Roof

The hat for your home. Maybe not today, maybe not tomorrow, but if your roof is old you run the risk of facing major leaks during the next rainy season.

If left unattended, an old roof may lead to major damage of other existing home systems and property. If your shingles are peeling and look old, you likely need a new roof – get on the phone and start calling local roofing companies.

Poor Workmanship

DIYers take heed! There are (for example) building codes for things like your deck, car port, garage, retaining walls, plumbing, electrical and other home projects and systems.

If you are going to tackle these projects yourself, make sure to do your research and learn what building code requirements exist in your city. Better yet, have a professional come double check your work before you pat yourself on the back – it could save you from property damage, personal injury, costly lawsuits, or the sale of your home.

Maintenance

All major components of your home do require maintenance. Just as you get an oil change, replace brake pads, and rotate tires on your vehicle, your home needs regular attention and cleaning.

Be sure to pay attention to things like furnace and central air maintenance, cleaning dryer vents, water heaters, exhaust fan filers for your stove, check caulking in places like tubs and shower surrounds yearly. Prevention is better than a cure – and it costs less!

In all the excitement and packing, buying & selling, many people forget to take care of some essential items before they move. Don’t look past these 5 things you need to take care of, or it could cost you $$$.

1. Take care of all subscriptions: Magazines, memberships, recurring orders, gym memberships. Get a head start on updating your address or cancelling memberships before charges mount on your credit card. We suggest you take care of this at least 30 days prior to your move, as many gyms, clubs, and mail subscriptions require this much time for cancellation or updates.

2. Change your address at the post office: For a small fee Canada Post will allow you to register your new address to ensure all your mail finds its way to your new home. Leaving bills or an outstanding balance behind, may impact your credit score, as well as lead to accumulated interest charges -–neither of which you are likely o want.

3. Call utility providers: Cable, internet, electricity, gas, etc…These are all services that you should be making contact BEFORE you move. Many of these services can pivot on a dime so not much notice is required, but we do recommend making contact at least 1 week prior to your move date. Make a list of required utility providers & check it twice! Or, you could wind up paying for someone else’s electric bill!

4. Manage your motor vehicle insurance: If you are new to British Columbia here is what you need to know; ICBC allows up to 90 days to switch over your license, and 30 days to register, license and insure your vehicle.

If you are moving within the Province, you must update your address within 30 days of moving. Your auto-insurance policy must always show your current home address and vehicle use, so do not forget to update this information!

5. Get a ‘To-Go’ box ready: Whether you are moving across the country, province, or just down the street, make sure that you have a go-to box ready. This should contain items you will need as soon as you get to your new home; cleaning products, toilet paper, garbage bags, paper towels, clean sheets, fresh towels, paper plates and eating utensils and maybe even a bottle of bubbly to celebrate.

courtesy of Business Insider

When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that feature topped the list.

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium.

Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016 and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.

Tips for Snow:

During snow removal operations, the snow is ploughed toward the road-edge. Accordingly, this may result in some driveways and/or sidewalks being blocked by the ploughed snow where snow plough operations occur. We apologize for this inconvenience; however, in some cases this is unavoidable. Should this occur along your property frontage, please do not shovel snow from your driveway onto roadways as this may result in snowploughs pushing the snow back into your driveway and may contribute to vehicle access problems along your street. We recommend that you place snow onto your lawn or onto adjacent snow piles or onto your lawn. This may also present a hazard to motorists or cause vehicle access issues. In an effort to minimize these challenges, consider hiring a snow and ice removal contractor.

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Park your vehicle along the curb during snowfall events

This ensures snow and ice operations are conducted in the most effective and efficient manner. If this is not possible, we ask that you please make an attempt at coordinating efforts with your neighbours to park vehicles along the same side of the street within your neighbourhood.

Keep garbage and recycling bins off roadways where snow ploughing may take place

Prolonged snowfall combined with icy conditions may result in delayed garbage and recycling collection. Should this occur, the City will make every effort to resume collection the following day, or allow residents to place double their weekly limit at curb-side the following week.

If you are aware that a catch basin exists in front of your property, please help us by ensuring to keep it clear especially during melting conditions. Blocked catch basins may result in excess accumulation of water along the road area, a situation that could become dangerous if it subsequently freezes. It may also result in flooding of adjacently properties depending on the extent of the blockage and the amount of melting snow.

Snow Clearing Contractor:

Snow clearing services for commercial and large residential properties

Residents or businesses using this list will be advised that the City of Surrey has not negotiated any pricing with any of the contractors listed. In addition, the City does not warrant the work nor does it endorse any one of the contractors on the list. The cost of any service provided is to be established between the contractor and the customer. The customer will be responsible for providing payment directly to the contractor for any snow clearing service performed. The City will not act as an intermediary for any disputes relating to non paying customers or complaints of unsatisfactory work performed by the contractor. Also, the burden of risk shall be borne by the contractor with respect to carrying out services to residents. All contractors must also ensure appropriate levels of insurance coverage and required licensed.

Broker fears were confirmed Tuesday, with one big bank raising its prime rate less than a month following new mortgage rules.TD Canada Trust announced in a note to brokers Tuesday that it is changing its mortgage rates, including increasing its prime rate to 2.85%.The prime rate has been held at 2.70% for more than a year, according to the broker who shared the announcement with MortgageBrokerNews.ca on condition of anonymity.

“When a bank changes their ‘version’ of bank prime it also serves as an invitation for the other banks to join in and do the same,” the broker said. “Naturally if they all change the public is screwed and all the banks make more profit.“You see by effectively changing the goal posts on the rate the bank can continue to say: ‘we are prime less 0.50% which is a good deal.’ So as you can see this a clever move if it works.”See the new rate sheet below.

The announcement also confirms what one economist speculated – that big banks could influence the market by altering its posted rates.The new mortgage rate stress test, which forces all holders of insured mortgages to qualify at the Bank of Canada’s benchmark five-year rate.The Bank of Canada’s benchmark rate is closely tied to big bank posted rates. And that relationship could allow lenders to tinker with their posted rates in a bid to influence the BoC’s, thereby allowing them to also influence the ease with which homebuyers can qualify for an insured mortgage.

“Another possible solution is that posted rates could fall, reducing the impacts of the stress tests. Since they are not set by the market, lenders could decide to lower them if, for example, they find that they are saying “no” to too much good business,” Will Dunning, chief economist of Mortgage Professionals Canada, wrote in a research paper entitled Slamming on the Brakes: Assessing the Impact of Changed Criteria for Mortgage Qualification. “The posted rates are set administratively by the lenders, based on their assessments of what is in their best interests, and their assessments could change.”

Renting out property to get easier as CMHC changes rules

by Steve Randall28 Jul 2015

The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing.The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.

That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure.Qualifying units must have sustainable income, proven by two years of rental rent payments. These payments will be averaged to assess the unit’s income. Applicants will also need a credit rating of at least 680.Properties with more than a single rental unit will have slightly different rules and this change is most positive for homeowners with one rental unit.

It appears the province has no plans to slow down the growth happening in some Surrey neighbourhoods.

It comes even after school trustees passed a unanimous motion on Thursday calling for a halt in development.

The motion tabled by Laurae McNally suggested provincial funding for new schools isn’t keeping up with the pace of population growth in the fastest growing city in the province.

That’s why they called on the city to halt the development happening in the Clayton, Grandview/South Surrey, and Newton areas.

But education minister Mike Bernier is singing a different tune.

In a statement to CKNW, Bernier says he understands the challenges facing the school district, but hints at major projects already being underway with more slated to come.

He says as the city moves forward, Surrey and other districts experiencing similar growth will be a priority for future capital investments.

I understand the challenges Surrey has and I’ve discussed them with the board when we met a few months ago.My Ministry is working closely with the Surrey district to find ways to deal with the intense pressures from growth.As we move forward, Surrey and other districts experiencing growth will be a priority for future capital investments.There are several major projects underway and more slated to come – the new Clayton North Secondary and additions to three elementary schools are under way – projects worth $64.6 million.These projects will create 1,870 spaces for Surrey.Since 2001, we’ve invested more than $337 million for 55 capital and seismic projects, and 12 site acquisitions in Surrey.Last year we completed Goldstone Park and Katzie elementary schools, and additions to Fraser Heights and Panorama Ridge Secondary. These projects, worth a total of $44.2 million, created 1,160 spaces for elementary and 500 secondary spaces in Surrey.

Trustees are asking the city to temporarily halt new development in three neighbourhoods.

“At the moment we are in a crisis. This is the worst I have ever seen it on the board,” says Laurae McNally, a 30-year veteran of the board, who spearheaded the motion directed at the city.

The board wants the city to “temporarily suspend all new development approvals in the Clayton, Grandview/South Surrey and South Newton regions until the Surrey School District receives adequate provincial capital funding to support the many new students in these regions.”

“We have 275 classroom portables, which we have to pay for out our operating budget. We have four high schools on extended days,” McNally explains.

Plus, a couple of schools need to run five kindergarten classes to meet demand.

“The $4 million a year that the portables cost us is the equivalent of 50 teachers that we could put in our system.”

She says teachers, students and parents have been very patient but they are getting very tired of the situation.

The Canadian Press Published Thursday, April 21, 2016 10:21AM EDT

TORONTO -- A new report suggests the red hot real estate markets in Vancouver and Toronto are discouraging some potential sellers from listing their homes because they're afraid of becoming buyers themselves.

The spring market trends report by real estate firm Re/Max on Thursday says while homeowners in those cities know their homes will sell quickly, many are reluctant to become buyers in the highly competitive market.

Re/Max says some are also reluctant to list their homes because they believe that prices could move even higher.

Vancouver and Toronto have been the hottest real estate markets in the country, raising questions about affordability, the role of speculators and the influence of foreign buyers.

The average residential sale price in Vancouver in the first quarter was $1,103,586, up 24 per cent from a year ago, according to Re/Max.

The average price in Toronto was $675,492, up 14 per cent.

The report suggested the strength of Toronto and Vancouver are helping drive prices in neighbouring regions as buyers move further out in search of an affordable home.

The report noted that Hamilton-Burlington and Barrie in Ontario as well as Victoria have seen prices rise 10 per cent or more compared with a year ago.

"The population growth in these regions, driven by housing demand, is growing local economies as restaurants, shops and services expand," the report said.

Watch for a schwack (not a real word) of Neighbourhood Garage Sales coming up over the next coupe of months. So far we have confirmed South Meridian, Bayridge and Rosemary Heights school catchments for Spring.

Look for our new logo’s signs in coming weeks as well!

Click below, on our (complimentary for your use) directional sign to go to this weekend’s map.

Click our new logo below to take you to the latest Open Houses and listings in South Surrey & White Rock.

It’s probably not a coincidence that spring is a popular time to deep clean your house and also a great time to list it for sale. Any good agent will tell you that cleaner houses always sell faster and for higher prices, so taking some time to really make your home sparkle is almost always worth the extra effort.

Of course, clean is also a very relative term. What some people see as clean, others just won’t be satisfied with. And when you are expecting to welcome a steady stream of potential buyers into your home, you definitely want to make sure that you have all of your bases covered.

With that in mind, let’s take a look at six areas that sellers often overlook when spring cleaning their homes with the intention of listing them for sale.

The Windows: Both Inside and Outside

One of the most important things that you can do to really help your home shine is clean the windows.

And it’s not enough to simply wipe them off from the inside. Getting the outsides clean too will more than double the positive impact this job will have on the way your home looks.

Having crystal clear windows has two specific benefits. First, clean windows will let in more natural light, brightening your entire home. As if that wasn’t enough, clean windows will also invite perspective buyers to appreciate whatever views you might have.

Inside the Kitchen Cabinets

Everyone who plans on listing their home knows that they need to clean the kitchen countertops and scrub the floors. But not everyone realizes that home buyers will want to see what the insides of your kitchen cabinets look like.

Would looking inside your cabinets cast your home in a positive light? What about that junk drawer in the kitchen?

Drapes & Light Fixtures

Another commonly overlooked area that could probably use some cleaning is your drapes and light fixtures. Dusting them off is a good place to start, but why stop there?

Take those light fixtures down and wash them out, and when was the last time that you actually washed the drapes? You’ll be shocked at the difference clean light fixtures and freshly washed drapes will make in the way your home presents itself.

The Office Area

You know that one spot where all the bills tend to pile up while you are putting off sitting down to pay them? That’s another place that lots of sellers forget to take care of during their spring cleaning.

In addition to being neat and tidy, your home office area needs to look functional. Make sure that anyone who walks through your home will be able to see themselves working productively there.

The Overstuffed Linen Closet

The linen closet upstairs (the one that has never really been big enough) is another place that can really turn off potential buyers. In order to make it look more roomy, take as much of your stuff out of it as possible and put it in storage until your home sells!

You should also make sure that everything in the bathroom medicine cabinet is neat and tidy.

Don’t Forget the Outside

While most spring cleaning efforts are focused on the inside of the house, you definitely don’t want to overlook the outside of your home.

Make sure that there isn’t anything in the yard that doesn’t belong there, and spruce up any landscaping that looks like it might detract from a potential buyers first impression.

While you’re at it, you might also want to get out the ladder and give those gutters some attention.

One of the best practices to make sure that your spring cleaning efforts are successful is to simply start over every time you think that you are finished. There is literally no end to the amount of cleaning you can do, and every single bit of that effort will help to sell your house faster for a higher price.

Want some insider advice on updating and upgrading your home? Real Simple asked readers what they wish they had known before—or would have done differently with—their renos.

By Betsy Goldberg

Photo by Robert George Young/Getty Images

“I would have made sure there was more insulation in the wall where the bathroom butts up against a bedroom. My daughter is awakened by every sound in the bathroom. We should have put the closet where her bed is now.” —Ali Dubin

“I would have stuck to my original plan for a stainless steel sink instead of doing a black stone composite sink. Softened water leaves a haze on it, and the sink chips.” —Jennifer Mason Theroux

“Have a guaranteed end date in the contract with your contractor, with a fee for any day that goes over. Mine went months over while the contractor worked on jobs for other people.” —L.S.

“Set aside extra money for unforeseen expenses like rotted wood, consults with a plumber, and the replacement of exterior fixtures. It isn’t realistic to think that everything will work out exactly the way it’s supposed to.” —M.P.N.“I would have put in more electrical outlets on our kitchen island.” —Jennifer Lijertwood

“Don’t underestimate how much construction dust will permeate the rest of your living spaces through the air and ducts. Remove valuable objects from the walls or displays so you’re not having to micro-clean, and seal off any closets that contain clothes, linens, and food.” —Deborah Fairchild“Make sure you have all the materials before starting. Some of our items took months to come in after ordering, which held up the work. Four months is a long time to be without a kitchen!” —Victoria Wagner“When we redid our kitchen, I wish we had included ‘eating out’ in the budget!”—Maria C. Kuntz